Buyer resistance pegs spot rubber down

Print this page Posted on : 09-07-2007 by recycleinme.com

Spot rubber lost its grip on Thursday. Prices moved down in tune with a weak closing in Japanese futures though there was not any significant selling pressure from dealers or growers. Sheet rubber settled marginally down at Rs.88.25 and Rs.88 a kg respectively at Kottayam and Kochi against Rs.88.50 on buyer resistance. Covering groups were reluctant to enlarge their commitments since genuine consumer support has been negligible. The market made all round losses on brisk trading.

FUTURES WEAK

The rubber futures weakened absorbing the overall sentiments even amidst declining domestic supplies. The September contract moved down to Rs.86.71 (87.01) a kg on MCX. On NMCE, the September contract slipped to Rs.88.34 (88.76), October to Rs.83.55 (83.96), November to Rs.81.45 (81.87) and December to Rs.81.13 (81.29) per kg for RSS 4.

Spot prices were (Rs/kg): RSS-4: 88.25 (88.50); RSS-5: 85.50 (86.50); ungraded : 82(83); ISNR 20:85 (85.50) and latex 60 per cent : 61.55 (62.60).

Source : Business Line